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Volume 4 - Number 15 | August 1, 2006
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Top Story: Merger to Create Nearly $5B Diversified Net Lease REIT
By Michelle Napoli
One of the most established net lease REITs and one of the newest plan to merge into a more diversified company with what the two pin down as a business enterprise value of $4.6 billion. When Lexington Corporate Properties Trust of New York City and Newkirk Realty Trust Inc. of Boston and Jericho, NY, combine, the newly created Lexington Realty Trust will be second among public net lease REITs by that same business enterprise value measure.
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Industry Update: FASB Seeks Nominees for Lease Accounting Group
By Michelle Napoli
The Financial Accounting Standards Board is seeking individuals, including preparers and auditors of financial statements and “knowledgeable investors,” to serve on an international working group that will consider potential changes to lease accounting practices.
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Insider: Cohen Asset Management’s Bradley Cohen
By Michelle Napoli
One of the newest net lease property investment funds is looking for properties beyond the fully occupied, single-tenant mainstream. Indeed, while the executives behind CAM Core+ Fund 1 LLC like single-tenant assets, they will be more apt to buy multi-tenant net-leased properties, with as much as 25% vacancy, to fulfill the fund’s core-plus/value-added strategy. Bradley S. Cohen, president and CEO of the fund’s Beverly Hills, CA-based sponsor Cohen Asset Management Inc., tells NET LEASE forum there are about $90 million of properties in escrow that Cohen anticipates closing during the fund’s first quarter.
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